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What You Need to Know About Your First Meeting with a Mortgage Advisor

Buying a home can be exciting, terrifying, and stressful all at the same time. Having someone help you through the process can help you buy a home with confidence. When you’re meeting with a mortgage broker for the very first time, it’s important that you bring the information they need to help you and ask the right questions so that there aren’t any surprises. This guide reviews what happens during your first meeting.

What Happens at a Mortgage Broker Appointment

You can’t expect to accomplish everything needed to complete the purchase of a home in a single meeting, so your first appointment will be more centred on your goals and how your mortgage advisor can help you achieve them. Your advisor may ask a lot of questions such as what type of home you’re looking to buy, where you’ve already been looking, and qualifying questions about your income, debt, and credit score.

During this first meeting with your mortgage broker, you’re also going to have a chance to determine if this is the right person to help you. It’s important to ask a lot of questions so that you understand the process and what you’re going to need to do in the near future. One of the benefits of having a mortgage broker is that they can do a lot of legwork on your behalf, but there are some steps you need to complete on your own.

Preparing for Your First Meeting with a Mortgage Advisor

Whether you’ve been looking for homes and applying for a loan already or are just getting started with your search, your advisor needs to know where you’re at in the process to be able to give you the best service. While you may feel really stressed heading into the meeting, keep in mind that this meeting isn’t supposed to be too serious and your broker will try to keep you relaxed and comfortable throughout the process.

Before you head into the meeting, gathering as many documents as you can to show the broker can help you get a head start on the process because you’ll have less to do later on. It’s also extremely helpful if you already have some properties in mind that you’d like to view so that your advisor can do some research on those properties and similar ones you may like.

What to Bring When Meeting with a Mortgage Lender

Mortgage brokers have access to many lenders who may be able to offer you financing on your home. Each of these lenders requires certain documents to evaluate your creditworthiness. Here’s what to bring to a mortgage pre-approval meeting:

  • Income documents such as a letter of employment, pay stubs, or any other information that can prove your income
  • Income Tax statements from the previous year
  • Information about any outstanding debts, such as the remaining balances and payments on your loans, your current mortgage, credit card statements, and any personal loans you have
  • Your government-issued identification, current address, and phone number along with the same for your spouse if you’re applying jointly
  • Proof of available funds so that the lender knows you’re able to make the down payment needed for the loan

Mortgage Meeting Questions to Expect

While you might have a lot of questions for your broker, they’re going to have some questions for you as well. Here are some of the questions you might be asked at your first meeting:

  • Do you have a current mortgage or are you a first-time homebuyer?
  • How much do you still owe on your home?
  • What is your budget and what monthly payment can you afford?
  • Have you looked at any homes and if so, which ones?
  • What type of mortgage terms would work best for you?
  • How much money are you looking to use as a down payment?
  • When are you planning to move?

You may be asked additional questions based on the answers you provide so that your advisor can put together a strategy that serves your interests well. Also, be prepared to fill out a credit application. If you already know your credit score, you could have a better idea of whether you qualify for better interest rates.

What Questions to Ask During the Meeting

A good mortgage advisor won’t be afraid to answer any questions you bring up and will encourage you to get as much information out of the meeting as you can. If you don’t prepare your questions ahead of time, however, you may draw blanks when it comes time to ask those important questions. You should sit down and write out all of the most important questions you have before you head into the meeting.

Here are just a few questions that you should ask:

  • What are the differences between a fixed rate and variable rate mortgage?
  • Which type of mortgage would be best for my situation?
  • Are there rebates or promotions available for first-time homeowners?
  • How long does the mortgage approval process take?
  • If I wanted to pay off my loan early, are there any early payment or prepayment fees I am responsible for?
  • What are the pros and cons between a bank, a credit union or a mortgage company?
  • Are there any prepayment advantages written into my mortgage loan offer and how do I take advantage of them?
  • What are the different terms available for mortgages?
  • What sort of interest rates would I qualify for?
  • How do I calculate what I can afford based on available interest rates?
  • How is the process for obtaining a loan different if I want to build a home?

These are just some examples of questions you might want to ask during your meeting. Try to think of additional questions that address your concerns and help you understand what to expect. Your meeting is a good chance to get to know your mortgage broker and build a personal relationship. Keep in mind that your advisor wants to help you find the best terms on a home that you’re thrilled to live in.

Looking to buy a home? Contact us today to learn more!

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